HCMH: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HCMH
Largest movements
- Cash -€91,825
down €91,825 (-42.7%), from €215,001 to €123,176
mainly Contributions, distributions and other (-€34,000) and Trade debts (-€29,668)
- Tangible fixed assets -€27,556
down €27,556 (-24.9%), from €110,560 to €83,003
- Deferred charges and accrued income +€6,939
new in 2025: €6,939
- Receivables within one year -€5,234
down €5,234 (-26.3%), from €19,916 to €14,682
of which Other amounts receivable: -€4,067
- Reserves -€34,000
down €34,000 (-13.7%), from €247,943 to €213,943
- Trade debts -€29,668
down €29,668 (-85.7%), from €34,624 to €4,956
- Other debts -€19,999
no longer reported in 2025 (was €19,999)
- Profit (loss) carried forward -€18,185
new in 2025: -€18,185
- Tax, wage and social debts -€10,909
down €10,909 (-41.3%), from €26,430 to €15,521
of which Taxes: -€11,657
- Gross operating margin -€33,278
down €33,278 (-25.4%), from €131,214 to €97,936
- Depreciation -€6,868
down €6,868 (-19.0%), from €36,073 to €29,205
- Staff costs +€6,823
up €6,823 (+9.0%), from €75,493 to €82,316
- Taxes -€3,933
down €3,933, from €3,900 to -€33
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €352,811 | €236,300 | -€116,511 | -33.0% |
| Fixed assets | 21/28 | €110,610 | €83,053 | -€27,556 | -24.9% |
| Tangible fixed assets | 22/27 | €110,560 | €83,003 | -€27,556 | -24.9% |
| Plant, machinery and equipment | 23 | €37,582 | €25,364 | -€12,218 | -32.5% |
| Furniture and vehicles | 24 | €4,866 | €2,498 | -€2,367 | -48.7% |
| Other tangible fixed assets | 26 | €68,112 | €55,141 | -€12,971 | -19.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €242,201 | €153,247 | -€88,954 | -36.7% |
| Stocks and contracts in progress | 3 | €7,284 | €8,450 | +€1,166 | +16.0% |
| Stocks | 30/36 | €7,284 | €8,450 | +€1,166 | +16.0% |
| Amounts receivable within one year | 40/41 | €19,916 | €14,682 | -€5,234 | -26.3% |
| Trade receivables | 40 | €1,471 | €304 | -€1,167 | -79.3% |
| Other amounts receivable | 41 | €18,445 | €14,378 | -€4,067 | -22.1% |
| Cash at bank and in hand | 54/58 | €215,001 | €123,176 | -€91,825 | -42.7% |
| Deferred charges and accrued income | 490/1 | - | €6,939 | +€6,939 | |
| Total equity and liabilities | 10/49 | €352,811 | €236,300 | -€116,511 | -33.0% |
| Equity | 10/15 | €266,543 | €214,359 | -€52,185 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €247,943 | €213,943 | -€34,000 | -13.7% |
| Distributable reserves | 133 | €247,943 | €213,943 | -€34,000 | -13.7% |
| Profit (loss) carried forward | 14 | - | -€18,185 | -€18,185 | |
| Amounts payable | 17/49 | €86,268 | €21,942 | -€64,326 | -74.6% |
| Amounts payable within one year | 42/48 | €81,052 | €20,477 | -€60,576 | -74.7% |
| Trade debts | 44 | €34,624 | €4,956 | -€29,668 | -85.7% |
| Suppliers | 440/4 | €34,624 | €4,956 | -€29,668 | -85.7% |
| Taxes, remuneration and social security | 45 | €26,430 | €15,521 | -€10,909 | -41.3% |
| Taxes | 450/3 | €21,211 | €9,554 | -€11,657 | -55.0% |
| Remuneration and social security | 454/9 | €5,219 | €5,966 | +€748 | +14.3% |
| Other amounts payable | 47/48 | €19,999 | - | -€19,999 | |
| Accrued charges and deferred income | 492/3 | €5,216 | €1,465 | -€3,750 | -71.9% |
| Remuneration, social security and pensions | 62 | €75,493 | €82,316 | +€6,823 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,073 | €29,205 | -€6,868 | -19.0% |
| Other operating charges | 640/8 | €2,033 | €1,788 | -€245 | -12.1% |
| Non-recurring operating charges | 66A | €8,159 | - | -€8,159 | |
| Gross operating margin | 9900 | €131,214 | €97,936 | -€33,278 | -25.4% |
| Operating profit (loss) | 9901 | €9,456 | -€15,373 | -€24,829 | |
| Financial income | 75/76B | €239 | €19 | -€220 | -92.0% |
| Recurring financial income | 75 | €239 | €19 | -€220 | -92.0% |
| Financial charges | 65/66B | €1,836 | €2,864 | +€1,028 | +56.0% |
| Recurring financial charges | 65 | €1,836 | €2,864 | +€1,028 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | €7,859 | -€18,218 | -€26,077 | |
| Income taxes | 67/77 | €3,900 | -€33 | -€3,933 | |
| Profit (loss) for the period | 9904 | €3,959 | -€18,185 | -€22,144 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,959 | -€18,185 | -€22,144 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.